Bitcoin to Resume Bull Trend Next Month, According to JPMorgan
JPMorgan's latest research report indicates a projected slowdown in crypto liquidations this month, with expectations of a market rebound starting next month.
The world’s largest private bank has revised its year-to-date estimate for net crypto flows down to $8 billion from the previous forecast of $12 billion.
This adjustment reflects concerns over Bitcoin’s valuation compared to production costs and gold prices, casting doubt on sustaining the earlier projected flow for the remainder of the year.
The decrease in estimated net flows primarily stems from a recent decline in Bitcoin reserves held across exchanges, according to analysts led by Nikolaos Panigirtzoglou.
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Analyst Predicts Bitcoin Bull Cycle to Last Until 2025, Eyes $100K TargetThis reduction in reserves is likely linked to Bitcoin sell-offs by creditors of Gemini and the defunct crypto exchange Mt. Gox, as well as sales by the German government liquidating seized crypto assets from criminal activities.
JPMorgan’s updated estimate of $8 billion encompasses $14 billion flowing into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures flows, and $5.7 billion raised by crypto venture capital funds year-to-date.
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